Commodity turnover between Azerbaijan and US may grow up to $5 bln

Day.Az reports with reference to the press service for the Economic Development Ministry that at the meeting Heydar Babayev said Azerbaijan attaches special importance to development of external trade and the volume of external trade transactions is growing each year.

He said the economic ties between Azerbaijan and the United States have deepened through the past five years. In 2007 the volume of bilateral commodity turnover was $497 mln while through 7 months of this year this indicator made $4.2 bln. The Minister voiced hope that by the end of 2008 this indicator will reach $5 bln.

He informed the visitors about the economic reforms, held in Azerbaijan, formation of special economic zones and development of entrepreneurship. Babayev also informed about the process of Azerbaijan's accession to the World Trade Organization.

According to the Minister, the process of Azerbaijan's WTO accession is being accelerated. The fifth session of the work group was held in Geneva in May of this year, while the next session will be held in December of this year. He thanked the US government for support of Azerbaijan's candidacy for WTO membership.

In turn, Sullivan noted that the reforms, held in Azerbaijan, are the focus of attention of the White House. He stressed that it is important that Azerbaijan has become a leader in the Doing Business-2009 report in the sense of the strengthened flow of foreign investments into the country.

/Day.Az/